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Thursday, March 12, 2009

Titan Industries Ltd:-Buy call and quarterley results update

Scripscan:Titan Industries Ltd.
Sector: FMCG
Target: 1000

Story:The net sales decreased on a qoq basis due to decline in consumer spending. The net profit declined on account of high extraordinary expenses of Rs 17.6 crs due to income tax of earlier years and interest of the same. There was also increase in inventory and employee cost. In the watch segment revenue grew by 4% yoy to Rs 193 crs but it was impacted by decline in Sonata brand. There was increase in sales from the other brands namely Titan and Fastrack. Jewellery sales also increased by 33% yoy to Rs 788.7 crs. In the Eyewear segment revenues amounted to Rs 14 crs and loss of Rs 5 crs. The eyewear business has expanded to 50 storesÆ’|Titan has the best brands including Titan, Tanishq, Sonata and Titan Eye+. These brands have tremendous growth potential. Titan has one of the largest retail networks of 475 and more stores. Titan has not shown great results for the quarter but it is above expectations. It has a good future going ahead considering its market share. Its one of the most admired brands in the industry. It has reported an annualised EPS of Rs 44.67 per share for FY09. At CMP of Rs 700, it trades at a P/E of less than 16. I recommend the stock as a good investment with a target price of 1000.

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